Thanks to the ever-increasing rise in the importance of data and the internet, Information Technology (IT) plays a critical role in today’s business world. Therefore, it’s imperative for every business that wants to achieve success and stability must ensure that its IT resources are optimized.
Digital Transformation is the adoption of digital technology to transform services or businesses, through replacing non-digital or manual processes with digital processes or replacing older digital technology with newer digital technology. In other words, digital transformation is the integration of digital technology into all areas of a business, fundamentally changing how it operates and deliver value to customers. Large companies are using digitalization as an opportunity to fix many of the functional areas and move them into the digital age which is called Digital Business Capability. A digital business capability is what a business does and can do in the digital or physical realm using underlying value streams and processes, and realized by systems/applications. So, a digital business capability is an elemental entity or a Lego block in the digital universe. A company may need a set of such digital capabilities to accomplish its digital objectives and reach its manifest digital destiny which is called Digital Transformation.
Some of these capabilities are:
Rarely, companies have an entire market all to themselves. Indeed, most enterprises are facing ever-increasing challenges just trying to hold onto their market share. In fact, in most cases, companies are dealing with more and more competition every day. You simply can’t afford to sit still and hope for the best. If you take this approach, you’ll soon find that your competitors are taking away all your business. Therefore, you need to know where you are now and to where want to go. In this way we can figure out the path and find out how to traverse.
Across industries, organizations are accelerating digital business transformation for long-term growth and profitability. From Gartner’s perspective, “the transformation journey is taking large enterprises especially at least twice as long and costing twice as much as they originally anticipated.” In large part this is due to cultural readiness. “53% of the organizations surveyed by Gartner, remain untested in the face of digital challenge and their digital transformation readiness therefore uncertain.”
Digital transformation is the megatrend driving billions in investment across the corporate world to reinvent the way they do business. Digital transformation is a customer-centric reimagination of the future of an enterprise and subsequently rethinking the business model. It is Reshaping the product/service portfolio, restructuring the processes, re-platforming technologies, reskilling the workforce, and instilling a new culture to get to the end goal.
Let’s unpack as to what all that means:
Of course, not every company needs to do all the things and that too all of them at once. Ultimate it may require a massive investment, but planning, prioritization, sequencing, and phasing are as essential to get quick wins, and then accelerate momentum.
It is essential to articulate the benefits of digital business transformation and of course deliver those benefits. Here are the ten benefits of digitalization in the enterprise context:
Leading, managing and ensuring risk control and compliance with rules and requirements are three tools that help the organization achieve its goals. Leadership is a combination of institutionalized processes implemented by senior managers that represent the structure of the organization and how to manage and direct in order to achieve goals. Risk management is the forecasting and management of risks that may make it difficult for an organization to achieve its goals. Compliance refers to the extent to which the organization relates to policies, procedures, rules and regulations. Governance and Management both in business and IT, can help you to achieve these goals and Digital Transformation is the solution.
If we have learned anything from 2020, it’s that the future is unpredictable and it’s up to IT leaders to decide whether to view unexpected technological advancements as disruptions or opportunities. While you may not be able to predict the future, what you can do is better prepare your organization to thrive through disruptions with the help of digital transformation.
If you are about to implement a Digital Transformation project, request us a technical and financial proposal:
For more information about our model, read the following file: